Communications Systems closes sale of Transition Networks to Lantronix for $24.16M; CEO departs

SUNation Energy, Inc.

Received ~$24.16M cash at closing (based on $25M base price adjusted for net working capital); up to $7M in earnouts.
CEO Anita Kumar stepped down and resigned as director; joined Lantronix. Roger Lacey named Interim CEO.
~75 employees terminated; Lantronix hired 63. CSI expects ~$1.25M severance charge and ~$325K non-cash equity acceleration charge.
Remaining legacy assets: Services & Support Segment (JDL, Ecessa; $8.8M 2020 revenue), HQ listed at $10M, Hector real estate at $975K.
Shareholders will receive CVR for net proceeds from earnouts and asset sales; retain shares in post-merger Pineapple Energy.

item 2.01 item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Anita Kumar

Chief Executive Officer and Director

SUNE · SUNation Energy, Inc.

Effective: 2021-08-01
Successor: Roger H.D. Lacey
Filed: August 2, 2021, 7:59 PM ET

the Company terminated the employment of Ms. Kumar and her position as a Company officer and Ms. Kumar resigned as a CSI director effective August 1, 2021.

Appointed (interim)

Roger H.D. Lacey

Interim Chief Executive Officer

SUNE · SUNation Energy, Inc.

Effective: 2021-08-01
Filed: August 2, 2021, 7:59 PM ET

Roger H.D. Lacey, currently serving as Executive Chairman of the CSI Board of Directors, has assumed the additional role of Interim Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Anita Kumar resigned as Chief Executive Officer and Director at SUNation Energy, Inc..

Action: resigned
Role: Chief Executive Officer and Director

Exact text from the filing

the Company terminated the employment of Ms. Kumar and her position as a Company officer and Ms. Kumar resigned as a CSI director effective August 1, 2021.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Roger H.D. Lacey was appointed as Interim Chief Executive Officer at SUNation Energy, Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

Roger H.D. Lacey, currently serving as Executive Chairman of the CSI Board of Directors, has assumed the additional role of Interim Chief Executive Officer.

View on SEC.gov

SUNation Energy, Inc. filing history →

Source: SEC EDGAR

accession 0000897101-21-000652

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